American National Announces Merger
Brookfield Asset Management Reinsurance Partners to Acquire American National in $5.1 Billion Transaction
BROOKFIELD, NEWS, Aug. 9, 2021 (GLOBE NEWSWIRE) – American National Group, Inc. (“American National”) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will… READ MORE
IMPORTANT: Omaha LTC New Business Rate Refresh and Benefit Changes for NJ, DC and HI
From Mutual of Omaha:
“As a leading long-term care insurance carrier, Mutual of Omaha has a responsibility to our policyholders and distribution partners to ensure our pricing strategy and product offerings are in line with industry trends, internal claims data and the economic environment.
Last year, Mutual of Omaha began implementing new rates and benefit option changes to the MutualCare® Solutions Portfolio in approved states. Effective August 1, 2021, we will be implementing these changes in three additional states.
Impacted States
District of Columbia, Hawaii and New Jersey
Rate Adjustments
Premium adjustments may vary by age, sex and benefit selection. You may view the new rates by referring to the quoting software beginning August 1, 2021.
Cash Benefit Changes
- MutualCare® Custom: 25% of home health care benefit up to initial maximum of $2,000 per month
- MutualCare® Secure: 25% of home health care benefit up to initial maximum of $2,000 per month
Partner Premium Allowance Changes
- Both Issued: 15%
- One Issued: 5%
Transition rules and more information can be found HERE.
Lincoln MoneyGuard Pricing Improvements
Effective July 12, 2021, Lincoln Financial will be implementing pricing improvements to Lincoln MoneyGuard® III, Lincoln MoneyGuard® II and Lincoln MoneyGuard® II NY.
The purpose of these pricing updates is to improve competitive pricing in key cells. There will be no pricing increases as a result of this update.
After a transition period, currently sold MoneyGuard® products will be replaced by the following:
▪ Lincoln MoneyGuard® III (2021) – 07/12/21 will replace currently sold Lincoln MoneyGuard® III (2021)
▪ Lincoln MoneyGuard® II (2020) – 07/12/21 will replace currently sold Lincoln MoneyGuard® II (2020) – 06/14/21 in the state of California.
▪ Lincoln MoneyGuard® II NY – 07/12/21 will replace currently sold Lincoln MoneyGuard® II NY – 06/14/21 in the state of New York.
More information available HERE.
Securian: $3m WriteFit Face Amount Limit to Remain
$3 million face amount limit is here to stay!
We’re excited to announce the temporary WriteFit face amount limit of $3 million for applicants ages 18 through 50 is here to stay. Many of you have taken advantage of this limit increase over the last year. With one of the highest acceleration rates in the industry, you can be confident your clients’ underwriting experience will be fast and easy.
To learn more and see which of your clients might fit into WriteFit, visit our interactive website.
Pacific Life Lifting Temporary COVID-19 Underwriting Guidelines
Due to the overall improvement in the Coronavirus impact, we are pleased to report that Pacific Life’s temporary COVID-19 underwriting guidelines are being lifted, effective 6/30/21. We will continue to monitor the situation, reevaluate as needed, and communicate any changes.
• Ages 70 and below returning to pre-pandemic underwriting guidelines
• Allowance up to and including Table 6 for ages 71-80
New! Vitality Points for COVID vaccine
We are excited to announce that John Hancock Vitality members can now earn 400 Vitality Points when they share proof of their COVID-19 vaccination.
Through programs like John Hancock Vitality and John Hancock Aspire ®, we are in a unique position to help our customers proactively manage their health — something that has become even more important for many since the onset of the pandemic last year. Motivating individuals to receive a COVID-19 vaccination is directly in line with our goal of helping our customers live longer, healthier lives.
The impact to you
By making timely enhancements to the program based on customers’ needs and larger health trends, we’re continuously adding value and improving the customer experience, thus reaffirming your recommendation to add Vitality to a policy and strengthening your producer-customer relationship.
Take action
To help you share this good news, here is a client-approved email to use with your John Hancock Vitality clients. And, if you’re interested in selling more John Hancock Vitality, visit our Vitality Business Building Kit for additional prospecting resources.
Pacific Life: Steer Your Clients Towards a Swifter Underwriting Experience
When it comes to accelerated underwriting (AU), speed is good. But, you know predictability, convenience, and transparency count too. That’s why Pacific Life created PL Swift Sailing Accelerated Underwriting.
Now, you can offer your clients up to $2 million in life insurance coverage with no medical examinations, fluids, or attending physician statement (APS).*
Below find some of the new materials.
- PL Swift Sailing Overview Brochure
- PL Swift Sailing Prequalify Checklist flyer
- PL Swift Sailing & PL Smooth Sailing Side-by-Side Comparison Flyer
- Power of Pacific Life Flyer
- PL Swift Sailing Client Flyer
AIG Lifting COVID-19 Underwriting Restrictions May 12, 2021
Effective May 12, 2021, our temporary underwriting restrictions that have been in place since April 2020 will be lifted and our normal pre-COVID-19 underwriting guidelines will be in effect. We will continue to require a current Statement of Health for all policy approvals. See this table for details.
Important: Ohio National Announces Strategic Transaction with Constellation
From Barbara Turner, President and Chief Executive Officer, “Today marks a very important day in our 111-year history.
Over the years, we have taken deliberate steps to position our business for growth, including providing value to our policyholders, supporting you and your independence to build your business your way, offering quality products and services to meet your clients’ needs, and strengthening our balance sheet and risk profile. More recently, together we have faced some difficult moments including prolonged and historic low interest rates, market volatility, regulatory changes, and of course, a global pandemic.
Through it all, and with your help, we have strengthened the Company and solidified our market position. Our work together has laid the groundwork for this announcement today…”
Please read the rest of the announcement HERE.
Press release can be found HERE.
Additional information regarding policyholder notification to follow.
John Hancock: Changes to Product Offerings in New York
From John Hancock:
“As you know, we’ve long maintained separate products and processes for the New York market where we operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of our new business activities, we’ve made the difficult choice to reduce our product portfolio in New York and will no longer offer the following products for sale:
• Accumulation VUL
• Survivorship VUL
• Protection UL
• Protection Survivorship UL
• Protection Indexed UL
• Protection Survivorship Indexed UL
The last day to submit a case for one of the above products in New York is April 15, 2021 and policies must be issued no later than June 15, 2021. We will continue to offer our Accumulation IUL, Protection Term and Vitality Term products for sale in New York.”
Please contact our office with any questions.